FHA loan and Savings

I know the minimum DP for a FHA is 3.5%. Do they also take into account the $$ in your savings?
Do they typically prefer a high $ in savings or no?

Re: FHA loan and Savings

Just like with a conventional loan, there are several factors that a lender will look at to qualify you for an FHA loan. The biggest are debt-to-income ratio (how much you take in v. how much you owe already) and your credit. FHA is a bit more lenient when it comes to debt-to-income ratios and FICO scores.

There's no certain amount you need to have in savings. If you have the 3.5% down and otherwise qualify for an FHA loan, you will get it. There is no universal dollar amount you need to have in savings. In fact, many FHA buyers put 3.5% down and also get a seller's concession for closing costs (rolling them into their loan v. paying for them out of savings).

If you want a recommendation for a great mortgage guy who is very well-versed in FHA loans, just let me know.